Blog - Michael Bailey Law, LLC

How Can I Split Assets Among My Children In My Estate Plan So They Don’t Fight?

Like most people who have more than one child, we have to be careful about what we give to one child and not the others. When my children were younger, they were keenly aware if one child had a birthday, that child was going to get a present. The other children, particularly the younger children, found this to be quite unfair, as they were not … [Read more...]

How Do I Leave My Cabin to My Family After I Die?

My father worked for Hewlett Packard and Agilent Technologies when I was a child. One of the perks of working for those companies was that the companies owned a significant amount of land called Hermit Park in the mountains near Estes Park,CO. Sadly, the companies no longer own the land, but it has been converted to open space owned by the … [Read more...]

How Do I Leave My Dog to My Family After I Die?

(Or My Cat, Hampster, Lizard, or other Pet) In my family, I think of my dogs as being my canine children. I currently have two canine children to go along with my three human children. I don’t treat my human children exactly the same as my canine children, but I do treat the dogs well. My dogs sleep in cages at night, while the humans get beds … [Read more...]

How To Give Your House Away After You Die – Estate Planning 101 (or Maybe Even More Basic Than That)

For most people who own a home, the home is likely their largest, and most valuable asset. If you purchased a home while you were young, and then paid off the home over time, then the home has likely appreciated in value, and your home is worth quite a bit. When it comes time to pass the house on to your children, you want to pass along the home, … [Read more...]

Estate Planning For Pregnancy? What You Should Know In Colorado

When my first child was born, that was the first time I began to think about what would happen to my family if I were to pass away. I didn’t have a lot of assets at that point. I lived in an apartment with furniture purchased mostly from garage sales, and I had a car worth about $500, so it wasn’t like I was too worried about money. I happened … [Read more...]

How Do I Leave My Car to My Family After I Die?

I have several clients who restore old cars, usually classic cars, and then either keep them, or sell them to other collectors. They often want to leave the car to their family and ask me, “How do I leave my car to my family after I die?” These really are some neat cars, so I understand wanting to keep the cars in the family. I have seen some … [Read more...]

Why It’s Vital To Have A Living Trust In Colorado

There are many reasons why a living trust is a good idea. You may want to keep your assets out of probate. You may want to provide for your minor children. You may have property in multiple states. You may be a blended family. You may be taking advice from a television personality or financial person on television who tells you to have a … [Read more...]

Revocable Trusts vs. Special Needs Trusts Compared Side by Side

At the risk of stating the obvious, not all trusts are the same. A revocable trust is a very common type of trust for people to create, and the popularity of a revocable trust likely comes from its most common use - to avoid probate. A revocable trust can do a lot of things, but it may not be the correct type of trust for what you need. If you … [Read more...]

Three Important Questions You Should Consider Before Meeting With An Estate Planning Attorney

I often sit down to meet with people who want me to do absolutely everything for them, and they are somewhat shocked that I do not tell them everything to do with their estate plan. Sometimes I have to explain that I cannot decide who should get their assets, as I do not know their family situation, nor do I know who they think deserves assets, or … [Read more...]

Colorado Residents: Benefits Of Working With A Local Estate Planning Attorney

As I drive around the Denver Metro Area, I see the bumper stickers that say “Native” on them. I have also seen variations that say “Not Native, But I Got Here As Quick As I Can,” or “Almost Native.” I fall into the “Not a Native, But I Got Here As Quick As I Can” category. I was born in Portland, Oregon, and I lived there with my family for … [Read more...]